scheduled for friday. >>>fiveelectedofficialsin bell, california, including former mayor oscar hernandez were convicted of multiple counts of misappropriation of funds. a sixth defendant was cleared. all six defendants were cleared of charges they illegally tapped public money while serving on the city's public finance authority. that is the latest from the fox business network, giving you the power to prosper. at od, whatever business you're in, that's the business we're in. with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes make your business our business. od. helping the world keep promises. david: well day three of the cyprus bank closing. even though their parliament rejected the initial plan to confiscate a portion of bank deposits the fear is that the public trust has just vanished and once the banks are reopened, there will be runs. makes one wonder how can anyone say now is a good time to invest in europe? lauren: cumberland advisors chief global economist phil weather all is here to tell us why he thinks europe of

, high double digits down? >> well, david, the markets basically has gone straight up sincetheelection. itis up about 15, 16% since early november. so it is not surprising to me that the market sold off a little bit here. i think maybe participants are looking for any excuse to take some chips off the table and cyprus provided them that excuse. sandra: george, let's get you in here. you have much differing opinion you are very bullish on markets, you see as the cyprus news as that is today, we'll get over that? >> that's exactly right. crisis de jure. think of all the problems we have last year or two. this is one-off event. i may feel sorry for the people in cyprus and people in your there is difficulty but it is the crisis de jure. everybody knows that there will be volatility. david: curious, george, right in front of you, pan down in the camera, you have red square. pan down with the camera shot. >> sure. see if they can get it for us. david: why is it there, george? >> it is there because it is, st. bass sill's cathedral because of stock we like, 3-d systems. 3-d systems is 3-d s

. typically you look first year,presidentialelectioncycles,even when it is an encumbent, they tend to be front-end loaded. all the gains come first half of the year. once you hit the summer season the market tends to trail off. based on what we've done year-to-date without any significant correction we're probably due something t could be bigger than three to 5%. sandra: all right. so john, taking it from stocks to commodities you mentioned how you're rather bullish on gold and some other commodities at some point. how do you play that? what are some of your big picks right now? >> we're very bullish long term on the oil sector because we think there will be a supply problem globally. therefore either oil companies in secure areas such as anadarko, or also some of the more sophisticated oil service companies that are able to better define reservoirs, figure out ways to get more oil out of existing reservoirs, deep offshore drillers. we like companies like drill quip and geospace which have very sophisticated technology. adam: dan, you like to follow the banks, don't you? who is on